Cardinals hire developer for neighboring project

The St. Louis Cardinals have selected the Cordish Co. as the developer for Ballpark
Village, an eight-acre mixed-use development downtown planned for land north of
the new Busch Stadium.

Cordish, headquartered in Baltimore, handles a variety of real estate projects
across the country. The fourth-generation, family owned company has transformed
areas of Baltimore; Louisville, Ky.; Charleston, S.C.; and other cities into rejuvenated
destinations for local residents and tourists.

Cordish currently is undertaking a nine-city-block retail, entertainment, office
and residential project in downtown Kansas City’s Power and Light District,
adjacent to the new Sprint Arena.

Cordish Co. will oversee work on Ballpark Village, an area north of the new Busch Stadium.

Bill DeWitt III, Cardinals senior vice president of development, has led the organization’s
plans for Ballpark Village and the selection of Cordish.

Brothers Jonathan and Blake Cordish will lead the project for their company. Both
emphasized the goal to make Ballpark Village unique to St. Louis and to draw both
national and local tenants to the area’s planned retail and entertainment
space. The village also will include residential and office space.

A public plaza in Ballpark Village will provide a gathering spot for fans. Also,
the Cardinals will locate their team museum in the development.

National tenants at other Cordish developments have included ESPN Zone, Hard Rock
Cafe, Barnes & Noble and Gold’s Gym.

The Cardinals own the Ballpark Village site and are obligated by the team’s
deal with the city of St. Louis to create at least $60 million worth of development
there. But Bill DeWitt Jr., Cardinals chairman and general partner, said the club
expects to spend “multiples” of that amount to carry out its plans with
Cordish.

The Cardinals and Cordish agreed to be 50-50 partners in the development.

Both parties will immediately begin to refine plans for the village based on conceptual
plans already drawn up by the Cardinals. They will likely break ground in late
2006, several months after the new stadium is completed in time for Opening Day
next April, DeWitt III said.

Cordish plans to open an office in St. Louis from which to operate during the
development. As work progresses, as many as 30 Cordish employees may be staffed
here, Blake Cordish said.

The company has in-house expertise in architecture, design, construction, engineering
and leasing, but intends also to work with local subcontractors to carry out their
plans. Details related to their local office location and subcontracting plans
will be determined over the next several months, Cordish said.